Faroe Seafood UK continues to trade while parent company files for bankruptcy

Published: 06 December, 2010

FAROE Seafood in the UK said today it was continuing to trade normally despite the parent company in the Faroe Islands filing for bankruptcy.

Torkil Davidsen, head of the Grimsby-based UK operation, told Fishupdate that his operation in Britain was open for business.

"We are to a large extent a stand alone organisation, although we deal under the Faroe Seafood name because of our connections with the Faroe islands. We are not closing here in Grimsby. In some ways you could describe us as a franchise operation here in the UK. " Mr Davidsen said he hoped to issue a full statement clarifying the position later.

The Grimsby operation is essentially a trading operation which buys fish from all over the world, and then sells it onto various sectors such as retail, catering and food service.

The larger parent Faroe Seafoods company filed for bankruptcy at the weekend after talks with a group of buyers planning to take over the business broke down. A number of potential suitors have been mentioned including the Icelandic trawling and fish processing company Samherji. Only ten days ago the Faroe chiefs were expressing confidence that a deal could be done.

The parents company has had a long and chequered history and, at one time ran a processing operation in Grimsby, but that was taken over some years ago by Icelandic Freezing Plants (now Coldwater).

Established more than 60-years ago, Faroe Seafood with it's 'state of art' fishing vessels, harvesting and production expertise proclaimed on its website that it supplied quality fresh and frozen salmon from the Faroe Islands along with other fish species. It has also been marketing Faroe own brand salmon portions & whole salmon from the Faroe Islands. The company was a member of the of the Federation of European Aquaculture Producers, the Faroe Fish Farmers Association

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